Is It Safe to Use Digital Remittance for a Money Transfer to Pakistan?
Last year, £5 bn was sent by remittance to Pakistan. However, many people struggled to send money back home during the pandemic. Exuberant bank exchange fees and staff shortages made sending money difficult for many people.
Yet, during this challenging transition, many people turned to digital remittance to transfer money to Pakistan.
This article will explore why digital remittance has become so popular and why it is safe to use.
How Does It Work?
With this type one can send money instantaneously simply by transferring money (or the information that represents that money) from the sender to the receiver. This normally involves very few information, little more than the contact information -- such as a mobile number or an e-mail id of the sender and the receiver that are tied to the bank accounts. Here the money is transferred for a small fee from a secure app using a mobile phone or a money transfer website with Internet access. There is absolutely no need to visit a bank, money wiring office or a telegraph station.
If your recipients in Pakistan have a bank account, they can easily receive their money through a direct to bank, mobile wallet and instant account credits. But if not, and need the money in cash which is also possible. They just can visit one of our collection centers to pick up their funds.
Is It safe?
While many people might feel nervous about sending their money digitally, online banking can be as safe as regular banking. This is because the funds can be tracked as it is being transferred online.
On top of these procedures, TangoPay is regulated by the Financial conduct authority (FCA). The FCA regulates all financial services in the UK to ensure they:
- Protect customers
- Keep clear records
- Provide fair rates
Moreover, TangoPay uses anti-fraud and encryption software to protect your money during the transfer process. Anti-fraud software tags different transactions based on their level of legitimacy. Therefore, if money is being transferred by someone other than you, it can detect and notify our system.
Similarly, encryption is used to protect your personal details from hackers and fraudsters. When someone tries to access your information, it has to be authenticated by several security protocols. Otherwise, your information stays locked up tight within our database.
That's why if you want to safely and economically transfer money online, digital remittance can be a safe and secure choice for your money. To learn more about how digital remittance is a good choice for your money:
Take a look at our services to find out more!